BSE Power Index Up 2% on Hopes of Higher Demand, NTPC Hits 5-Year High – Equitypandit

Shares of power generation and utility companies were in the spotlight, with the S&P BSE Power Index rising nearly 2% in intraday trading on Thursday on expectations of stronger electricity demand.

As of 10:06 a.m., the S&P BSE Power Index was up 1.64%, while the S&P BSE Sensex was up 0.14%, the second-biggest gain among sector indices after utilities.

NTPC, Adani Power NHPC, Torrent Power and Tata Power gained 3% in the index. KPI Green Energy, NLC India, Nava, Inox Green Energy Services, Power Grid Corporation and CESC were up 1-4% among power and related companies.

Among individual stocks, NTPC hit a more than five-year high of Rs 184.30 and was up 4% on heavy volume. Shares of the state-owned power generation company were trading at their highest level since November 2017. It broke the previous high of Rs 182.80 on November 1, 2022.

Torrent Power shares hit a new high of Rs 745, up 7% in intraday trading today. Shares of the integrated power company have risen 22% in the past two sessions after the company signed a memorandum of understanding (MoU) with the Maharashtra state government to build three pumped-storage hydro projects with a capacity of 5,700 MW.

These projects will require an investment of around Rs 27,000 crore. Torrent plans to carry out these projects within five years. All sites are idle and the project plans to provide at least 6 hours of energy storage per day.

The projects will be implemented at three locations identified by Torrent, namely Karjat (3,000 MW), Maval (1,200 MW) in Raigarh district and Junnar (1,500 MW) in Pune district. All sites are idle and the project plans to provide at least 6 hours of energy storage per day.

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